Bookkeeping: Stopped Out of Remaining Las Vegas Sands (LVS) Short for Gain

I wanted to protect the remaining short in Las Vegas Sands (LVS) that we put on last Thursday just under $7.50 [Bookkeeping: Short Las Vegas Sands], so I am stopped out of the last third of the position here at $7.08. The other 2/3rds, as noted on blog in this piece, were covered in the $6.80s so a satisfying excursion. If interested the number $7.08 has no technical reason; I just wanted to lock in at least a 5% gain on every piece of this trade, so most of the trade went out with a 8-9% gain Monday, and this piece about 5.5%. So with the full 3% stake about a 7.5%ish gain in just over 3 sessions.

LVS might just turn right back down from here, but I did not want to risk it going all the way back to mid $7s and giving up all the gain on this last batch. As I type, we're at $7.15.

I will place a new short limit order around $7.50 and try again with the same play - can't expect it to work out so quickly as this time around, but same strategy. I also have an order out on Wynn Resorts (WYNN) with the exact same set up; hopefully 1 or the other snags.

A lot of transactions today, but loving the mechanics of these trades the past few weeks and how they are working out in large part. And the ones that don't work out are very contained in terms of losses. Flat markets like this really work to our advantage.

No position